GBPJPY - Long trade = with two options at dynamic resistance

29 lug 2019Hello all - DuncanForex here with another trade idea

With EURJPY flying higher this afternoon on it's second leg higher.

ALl JPY pairs want to head higher, however GBP is weighed down by more and more Brexit short term news.

They key is to get in when positive GBP news comes out as it will fly higher to catch up with all the other Yen pairs.

THere is divergence on the 1 hour chart - I have gone long back up to resitance and then drawn two scenerios of what may happen next.

I am expecting it to head higher and break out from the larger descending trend line, however with GBP at the moment, who knows.

I am leaning towards trading other pairs at present - however this trade meets 1 set of my rules (reversal) , so I am in

Thanks for looking

Duncanforex.com is live

Cheers
Duncan